How high can Bitcoin go?

In March 2024, Bitcoin made history again by breaking its previous record of $69,044.77 from November 2021, surpassing even $70,000 – something that many crypto skeptics, including JPMorgan's Jamie Dimon, did not foresee.

However, on March 12, Bitcoin hovered around $72,000, up a staggering 224% over the past year, 63% since the start of the year, and 52% in the last month. To put this into perspective, that's an increase of 1,704% over the past five years, according to data from Google Finance.

Now, Bitcoin price forecasts are flowing more than ever. Many experts believe the asset will likely continue on this upward trajectory for several reasons. One of the main reasons is the so-called halving happening in April – a process that occurs every four years and historically has driven up prices. Increased interest and traction for Bitcoin also arose after the Securities and Exchange Commission (SEC) approved Bitcoin spot exchange-traded funds (ETFs) in January.

Some experts even suggest a price of $1 million for Bitcoin by 2030. While some in the more cautious spectrum predict that the asset will reach $90,000-$100,000 this year, others, such as ARK Invest's CEO Cathie Wood, see a target of $1 million for Bitcoin by 2030.

And recently, on March 11, Bernstein analysts expressed increased conviction that Bitcoin will reach $150,000 by mid-2025, reported by Coindesk. Anthony Scaramucci, founder and CEO of SkyBridge Capital, predicts $170,000 by April 2025.

While Evander Smart, founder of Bitcoin University, argues that Bitcoin should finish 2024 in the range of $150-190k. He pointed out that Bitcoin rose over 150% last year, without Wall Street, so Bitcoin should perform even better with Wall Street on its side in combination with the upcoming Bitcoin halving.

So, if you invest $1,000 in Bitcoin today, how much could it be worth?

Richard Gardner, CEO of Modulus, reminds us that no one can predict what $1,000 invested in Bitcoin today will be worth in 10 years. However, Modulus' forecasts indicate that Bitcoin could rise to $96,000 within a year.

"Should that forecast come true, an investment of $1,000 today could be worth about $1,333 in twelve months, although it could also be $750 if prices fall," he adds.

If we go by Cathie Woods' predictions that Bitcoin will reach $1 million by 2030, it would represent a price increase of about 1,288% from the current price. In turn, $1,000 in Bitcoin purchased today could generate a return of $12,880 in six years.

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Marketing from Virtune AB. Crypto investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back the invested capital. Read the prospectus, KID, terms on www.virtune.com"